Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2020, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $234,200 84,200 Cost $204,200 152,200 Accumulated Depreciation $56,200 27,200 Lily's taxable income before these transactions is $194,700.What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Amount Description Taxable income Tax liability